Binance, the peer-to-peer exchange, has restricted the selling price of the cryptocurrency stablecoin Tether on its platform. Despite this, it expressed willingness to cooperate with Nigerian authorities.
Binance clarified that its P2P platform operates on market dynamics and isn't meant for currency pricing in Nigeria.
It assured users of protective measures such as automatic pausing during significant currency movements and real-time monitoring to curb abuse.
The platform emphasized its commitment to market integrity and user protection, including stringent measures against non-compliant activities.
Additionally, it stated ongoing engagement with regulatory bodies for transparent dialogue on cryptocurrency and financial markets.
Meanwhile, a presidential aide criticized Binance for purportedly influencing exchange rates in Nigeria, advocating for regulatory actions against various crypto platforms.
The Central Bank of Nigeria has been actively addressing forex speculation to stabilize the national currency, with recent measures including raids on currency traders suspected of speculation.
